FSA registration deadline extended

The University of New Mexico's Flexible Spending Account Open Enrollment deadline has been extended to Nov. 28 at 11:59 p.m. This is the only open registration to take part in the FSA program for 2019;

The FSA Open Enrollment period was extended when the IRS recently announced an increase on Nov. 15to the 2019 maximum allowable annual Health Care FSA contribution to $2,700. In order to ensure interested participants are able to take advantage of the maximum amount allowed by the IRS, Human Resources decided to extend the deadline.

If you would like to make the most of this 2019 Health Care FSA increased annual limit of $2,700 or simply enroll, you will have the opportunity to log in to the FSA Open Enrollment system through Wednesday, Nov. 28, 2018 to enroll or make election changes. The increase applies only to the healthcare FSA, not the dependent care FSA.

In an effort to maximize staff and faculty pre-tax dollars, the FSA is an IRS governed plan that allows people to set aside part of their paycheck to reimburse themselves for qualified expenses that they may already pay for. Examples include dependent day care expenses or out-of-pocket medical expenses such as glasses, prescription drugs and first aid supplies.

UNM offers two FSA plans. There is the Health Care Flexible Spending Account that is for IRS eligible health care for employees and their dependents. The second account, Dependent Care Flexible Spending Account, is for IRS eligible dependent child daycare or dependent elder daycare expenses.

FSA contributions are taken on a pre-tax basis, which should reduce federal, state and social security taxes.

Enrollment can be completed online via LoboWeb. Participants who have previously enrolled must re-enroll to participate in the 2019 Plan Year.